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Wed 3 Jan 2018, 09:00 GMT

Mixed news keeps oil in tight range


By A/S Global Risk Management.

Oil prices remained in a tight trading range on mixed news. The huge Forties pipeline as well as a Libyan pipeline have both restarted, but the geopolitical risk premium in Iran has increased heavily.

Along with the current unrest in Iran, the U.S. president has refused to certify the international accord on the nuclear deal. The president also continues to spur fears of an escalation of the ongoing nuclear dispute between the U.S. and North Korea.

The Forties Pipeline transports around 450,000 barrels per day of North Sea Brent oil and was closed due to a leak in mid-December. Now the force majeure has been lifted and is "fully operational", according to the operator.

Tonight the weekly oil stocks data from the American Petroleum Institute (API) is published; consensus is draw in crude oil stocks, builds in gasoline and distillates stocks. Tomorrow, the more-closely-followed report from the EIA is published.

Turning to economic data, today will see the U.S. central bank meeting minutes as well as ISM Manufacturing PMI from the U.S. published. Chinese Caixin Services PMI is released overnight. .

Tsurugidake naming ceremony. MOL holds naming ceremony for fourth LNG dual-fuel VLCC  

Vessel, named Tsurugidake, features an LNG fuel tank with a capacity exceeding 10,000 cbm.
VPS Carbon Reduction seminar graphic. VPS to host Bergen seminar on marine fuel quality, lubricants and decarbonisation regulation  

Free-to-attend event on September 16 will feature speakers from VPS and DNV.
Launching ceremony of Carlotta Cosulich. Cosulich Marine Energy launches third methanol-ready bunker tanker in China  

Carlotta Cosulich launched at Taizhou Maple Leaf Shipyard, leaving one vessel in series still to come.
Carnival Corporation logo. Carnival's CSMART seeks specialist instructor for LNG-as-fuel training in Netherlands  

Role focused on delivering training to through classroom instruction and simulator-based learning.
Port of Galveston. Stabilis Solutions nears 100 LNG bunkering operations at Galveston  

Houston-based supplier highlights its Gulf Coast LNG bunkering record as plans advance for new liquefaction facility.
Central control room at the green methanol plant. Towngas hosts Hong Kong government delegation at Inner Mongolia green methanol plant  

Hong Kong's Transport and Logistics Bureau tours VENEX facility as green methanol capacity scales to 300,000 tonnes.
CMA CGM Notre Dame vessel at Singapore Port. Singapore 12-month bunker calls hit all-time high in July  

TTM calls at world's largest bunkering hub reach record levels despite softer sales volumes.
Cargo port in Singapore. Singapore T3M bunker sales stay below 14m tonnes for fourth month running  

Rolling three-month volumes remain subdued despite modest month-on-month recovery in July.
Shore power system launch at Port of Callao. Peru’s Port of Callao launches first shore power system in Latin America  

DP World Callao’s onshore power supply system could cut over 6,300 tonnes of CO₂ annually.
Aristodimos vessel. New Times Shipbuilding delivers LNG dual-fuel crude oil tanker to Capital  

Chinese yard hands over 155,500-dwt vessel in ceremony attended by owner’s representative.

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